SB384 Summary

• Requires state, county, municipality, and governmental entities to obtain a certified general real property appraisal before purchasing real property, with property owners allowed to accompany the appraiser during inspection.

• Keeps appraisal and related documents confidential until one of three conditions occurs: a final offer at or below fair market value is accepted, the entity decides to offer above fair market value, or the entity decides not to purchase.

• Requires a recorded vote at a regularly scheduled or specially called meeting (with at least three days' notice) to purchase property above fair market value, with the appraised value posted three days prior, included in meeting notice, and a public hearing held.

• Allows governmental entities to purchase property at fair market value plus additional costs that would have been required through eminent domain or condemnation proceedings without vote restrictions.

• Appraisals become public record 30 days after acquisition completion or termination of purchase negotiations; immediately become public if condemnation or eminent domain is pursued.